Triple Point Income VCT plc
30 July 2015
Interim Management Statement for the quarter ended 30 June 2015
Highlights
Ordinary Share Class
· Net Asset Value ("NAV") has increased from 85.49 to 87.93p per share as a result of successful disposals during the last quarter.
· At 30 June 2015 the total paid by way of dividends to shareholders was 4.11p per share, bringing the total return to 92.04p per share. This compares to a weighted average share price at acquisition of 83.6p per share.
· A second dividend was paid on 24 July 2015 equal to 5p per share.
· 83% of the unquoted investments are invested in qualifying investments.
· At 30 June 2015 the share class had £2.5 million of short term borrowing that has now been repaid.
· The unquoted qualifying investment portfolio by sector at 30 June 2015 is made up of:
Cinema Digitisation 25%
Hydro Electric Power 58%
Solar PV 17%
A Share Class
· NAV has decreased from 87.01p to 86.82p per share during the last quarter. The small decrease in the NAV resulted from a provision and general overheads exceeding income for a short period. This was offset by the sale of the Anaerobic Digestion companies which is detailed below.
· At 30 June 2015 the total paid by way of dividends to shareholders was 11.20p per share, bringing the total return to 98.02p. This compares to a weighted average share price at acquisition of 86.4p per share.
· A third dividend was paid on 24 July 2015 equal to 5p per share.
· Following the disposal of the share class's investments in the solar PV and Anaerobic Digestion sectors, 100% of the remaining unquoted qualifying investment portfolio is in two companies generating electricity through Landfill Gas.
· The Board has resolved to pay a fourth dividend to A Shareholders of £2,052,541 equal to 40p per share which will be paid on 21 August 2015 to shareholders on the register on 7 August 2015.
Ordinary Share Class and A Share Class
· During the period the solar PV companies in which the Company invested disposed of a significant part of their portfolios of roof-mounted solar systems. The disposal resulted in an aggregate £1.4 million up-lift to the valuation of the investee companies, equivalent to
4.26p per Ordinary Share and 10.55p per A Share. Both increases were recognised at 31 March 2015. During the period the Company sold all but two of these companies.
· On 30 June 2015, the Company completed the sale of its investment in three Anaerobic Digestion companies for £4.8 million resulting in an up-lift to the valuation of £598,000, equivalent to 2.63p per Ordinary Share and 1.69p per A Share.
C Share Class
· NAV has increased from 99.76p to 100.46p per share during the last quarter. This compares to a subscription price of £1.
· 70% of the unquoted investments are in VCT qualifying investments.
· 100% of the VCT qualifying investments are into Hydro Electric Power.
D Share Class
· Last year Shareholders approved the issue of a new share class which closed on 30 April 2015. During the period 8,405,062 shares were issued bringing the total shares issued to 13,701,636. Funds have been deployed into companies in the hydro electric power sector.
· NAV has increased from 98.15p to 99.21p per share during the last quarter. This compares to a subscription price of £1.
· 95% of the unquoted investments are in VCT qualifying investments.
· 100% of the VCT qualifying investments are into Hydro Electric Power.
Net Assets at 30 June 2015:
|
30-Jun-15 |
|
31-Mar-15 |
|
Unaudited |
|
Audited |
|
Ord. Shares |
A Shares |
C Shares |
D Shares |
Total |
|
Ord. Shares |
A Shares |
C Shares |
D Shares |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
VCT qualifying unquoted investments |
13,030 |
818 |
9,430 |
12,847 |
36,125 |
|
15,064 |
4,188 |
9,430 |
7,427 |
36,109 |
VCT non qualifying unquoted investments |
1,334 |
- |
3,871 |
65 |
5,270 |
|
1,380 |
- |
3,696 |
5 |
5,081 |
|
14,364 |
818 |
13,301 |
12,912 |
41,395 |
16,444 |
4,188 |
13,126 |
7,432 |
41,190 |
Cash and cash equivalents |
1,375 |
2,695 |
242 |
626 |
4,938 |
|
334 |
301 |
331 |
27 |
993 |
Total Investments |
15,739 |
3,513 |
13,543 |
13,538 |
46,333 |
|
16,778 |
4,489 |
13,457 |
7,459 |
42,183 |
Other assets & liabilities |
1,385 |
943 |
(39) |
56 |
2,345 |
|
(129) |
(24) |
(48) |
(2,261) |
(2,462) |
Net assets |
17,124 |
4,456 |
13,504 |
13,594 |
48,678 |
|
16,649 |
4,465 |
13,409 |
5,198 |
39,721 |
Net asset value per share |
87.93p |
86.82p |
100.46p |
99.21p |
n/a |
|
85.49p |
87.01p |
99.76p |
98.15p |
n/a |
For further information, please contact Claire Ainsworth or David Burton at Triple Point Investment Management LLP on 0207 201 8989.